Cote d'Ivoire enjoys a good export status, and is currently the leading producer and exporter of cocoa beans. As such, the economy is impacted by world market prices. The government has made efforts to diversify the economy, and in recent years the economy increasingly relied more heavily on oil and gas production.
Political unrest continues to dog the economy, which has stilted foreign investment somewhat, although GDP grew by 3% in 2009.
The legal system echoes its French colonial roots, and is primarily based on the French civil law system.
The Firm recently conducted a review of banking regulation for an international bank, and a review of the telecommunications sector for a US-based telcoms company.
The Firm has conducted a major review of the power generation sector from the viewpoint of an international independent power producer (“IPP”). This has been published in conjunction with Trinity LLP at http://www.africapowerguide.com/countries-16
The Firm is currently acting on a major due diligence exercise for a French-based multinational acquiring assets across the region.
We have also conducted a detailed due diligence of mining assets in the country for a Canadian finance house, including seconding staff from our Head Office to oversee the matter.
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Ivory Coast - Experience
Mining Due Diligence – Canadian Finance House
We were instructed by a Canadian finance house to undertake a detailed due diligence of target assets in the Ivory Coast. Advising both on the regulatory regime in general and the disclosure documents in particular, we gave detailed advice on a 24-hour basis during the intense pre-closing financing phase. We then conducted the due diligence on the targets in country for which we seconded one of our team members from Madagascar the client in order to bring experience and direction to the process. We then uploaded all the due diligence to our secure client site to enable the client to have uninterrupted access to their data which we could update in real time.
Employment Law – South African Industrial Company
We advised a South African Industrial company on its employment law obligations for both local and international staff. Advice included tax rates, employer contributions and repatriation of salary overseas.
Regulatory Review – US Equipment Manufacturer
Acting for a US-based equipment manufacturer and service provider, we have reviewed the regulatory regime in 5 countries in the region to see what licences are required and how they are obtained for the installation and operation of the client’s equipment. We are providing further advice on a country-by-country basis as the client progresses.
Banking Regulation – Major International Bank
We advised a leading international bank on regulatory aspects of retail banking across the Francophone region, including banking licences, lending and deposit taking. We are also reviewing the legality of aspects of their internet banking products in various jurisdictions.
Bribery and Corruption – US Software Company
Acting for a major US software company, we advised on the basic rules regarding what constitutes bribery and corruption, where the line is drawn between “entertaining” and “corruption” and the extent and severity of the sanctions applicable.
Software Rollout – US-based ISP
Acting for a leading internet service provider, we advised on the rules for operating in country, the regulatory regime for internet based sales and the sanctions and enforcement for breach.